At the End of December, the Owner of an Apartment

question 103

Multiple Choice

At the end of December, the owner of an apartment complex realized that the December rent had not been collected from one of the tenants. December 31 was the end of the accounting year; therefore, the owner made the appropriate adjusting entry at that time. When the December rent was collected in January of the following year, the entry made by the apartment owner should include which of the following?

• A) debit to Rent receivable.
• B) credit to Rent receivable.
• C) debit to Rent revenue collected in advance.
• D) credit to Rent revenue.

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Definitions:

Complainers

Individuals who express dissatisfaction or grievances frequently.

Arbitrary Approach

A method or decision-making process based on individual discretion or judgment rather than fixed standards or rules.

Democratic Vote

A voting method in which individuals express their choice or preference in a matter through a vote, often characterized by equality and fairness.

Political System

The structured set of practices and institutions through which a society organizes and governs itself.